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Trading in financial markets involves significant risk of loss which can exceed deposits and may not be suitable for all investors.
Before trading, please ensure that you fully understand the risks involved
Trading in financial markets involves significant risk of loss which can exceed deposits and may not be suitable for all investors. Before trading, please ensure that you fully understand the risks involved

Wednesday, July 04, 2018

Gold prices

by Century Financial in Media

Gold prices

Gold prices found their footing yesterday as a rout of the dollar and falling US bond yields drew support for the yellow metal, and helped platinum prices bounce from 9.5year lows. The yellow metal’s fall to a nearly 7-month low of $1,238.80 attracted a fresh wave of buying pressure as demand for the safe-haven trade returned as China and US are set to implement tariffs on Friday.

Technically, prices found support near the swing low of Dec. 2017 of $1236. Besides, the recent fall in gold looks similar to Sept.-Dec. 2017, when gold price fell from a peak of $1357 to $1236. From early 2017 the weekly RSI(14) has been moving in the range of 40-65 and at present is near to the lower end of the range indicating a possibility of a bounce back in prices. In the short-term prices are likely to find support at $1252 – $1246, whereas a move above $1262 would push the prices higher towards $1268-$1273.

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